Prepayment activity fell to another record low in October amid mortgage rates topping 7% and refis drying up. Black Knight expects that the steep declines in rate lock volume and seasonality factors point to further declines in prepayment activity.
Prepayment dropped 16.5% to a single-month mortality rate of 0.48%, well below the previous record of 0.55%, according to Black Knight’s October mortgage performance statistics report.
“While this is obviously a challenging environment from an origination perspective – the refi market is essentially nonexistent at this point – it also tends to increase the value of mortgage servicing rights on older loans with details ⇒
BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com